Facebook 'Changing Gears 2020' report

To gauge the impact of digital technologies on the automotive industry, Facebook and Bain & Company launched Changing Gears 2020.

Mohammad Kanchwala
May 25, 2017 08:13 IST
New Update
Changing Gears 2020

Facebook has led the charge when it comes to digital communication between brands and consumers with the automotive industry being one of the leading beneficiaries through the rise of digital. To achieve an insightful edge and gauge the impact of digital technologies on the automotive industry, Facebook collaborated with Bain & Company to launch Changing Gears 2020.

An industry white paper, the Changing Gears 2020 report talks about how 70% of annual auto sales by the year 2020 will be digitally influenced and how this number affects the automotive manufacturers in the business.

With Facebook and its subsidiaries boasting of more than a billion mobile users, the company is at the center of this mobile revolution and accompanies a buyer’s journey from discovery through purchase and beyond.

Changing Gears 2020 highlights how more than 80% of the pre purchase period is spent by consumers on mobile, and how a buyer has made up their mind with regards to both a brand and a model, before they walk into a dealership.

Chainging Gears 2020

The report reveals further insights as to how Original Equipment Manufacturers allocate only 10-11% of ad spends on digital when almost half of their sales are driven by digital. It encourages automotive brands to evolve new business and tap into new opportunities.

It also states, “Post-purchase activities such as vehicle service booking and purchase of accessories show potential to be swept by digital influence too. OEMs can use product digitisation to enable companies and consumers communicate in real-time, taking customer engagement to a higher level.”

Facebook reiterates how their platform and subsidiaries are built with focus around mobile audiences, and how automotive brands can leverage Facebook’s marketing solutions, such as engaging photo and video ads accompanied by Reach and Frequency Targeting.

Utilizing Carousel ads through Facebook’s comprehensive custom audiences and lookalike audiences to generate demand and reach the right people.

“Driving Intent & Acquiring Consumers with our powerful Lead Ads that help drive requests for test drives followed by sales and Move beyond clicks and engagement to measure real business and brand outcomes” the company says in a blog post.

Facebook’s Audience Insights tool enables brands and businesses to know their audience and their preferences which they can utilize to create tailored ads that cater to the distinct needs of their consumers.

Reach the right audience through demographic targeting on Facebook and Instagram.

The blog post concludes, “Businesses around the world, across verticals, have already begun to re-shape and re-invent themselves to harness the opportunities that digital and mobile have created. For businesses in the automotive industry, that time is now.”

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